Net oil export earnings from the Organization of the Petroleum Exporting Countries are projected to jump 86 per cent this year from $671 billion in 2007 and then rise 6 per cent to $1.322 trillion in 2009, the Energy Information Administration said in its new monthly forecast.

OPEC members have been raking in the cash from soaring crude prices, which hit a record $145 a barrel last week.

During the first half of 2008, OPEC members raised $645 billion from oil exports.

Saudi Arabia accounted for almost one-third of that total, bringing in $192 billion, just $2 billion less than the kingdom's total oil export revenues in 2007, according to the EIA.